Cabrera and YBanez are partners who share net income and losses equally and have equal capital account balances. The net assets of the partnership have a carrying amount of Php 800,000. Mabalot is admitted to the partnership with a one-third interest in net income or net loss and net assets. Mabalot invested Php 340,000 cash in the partnership. Required: 1. Goodwill Method 2. Revaluation of net assets method, assuming partnership inventories are overstated by Php 20,000.

Cabrera and YBanez are partners who share net income and losses equally and have equal capital account balances. The net assets of the partnership have a carrying amount of Php 800,000. Mabalot is admitted to the partnership with a one-third interest in net income or net loss and net assets. Mabalot invested Php 340,000 cash in the partnership. Required: 1. Goodwill Method 2. Revaluation of net assets method, assuming partnership inventories are overstated by Php 20,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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